3 Colo. Code Regs. § 702-5-1-10-4
Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-5-1-10-4 - DefinitionsA. "Classification system" or "classification" means, for the purposes of this regulation, the plan, system, or arrangement for recognizing differences in exposure.B. "Company" means, for the purposes of this regulation, all licensed property and casualty insurance companies, including an entity created pursuant to §§ 8-45-101 and 8-45-117, C.R.S. It does not include captive insurance companies licensed under Article 6 of Title 10 or self-insurance pools licensed under Article 44 of Title 8, Section 115.5 of Article 10 of Title 24, or Section 102 of Article 13 of Title 29.C. "Exempt Commercial Policyholder" shall have the same meaning as defined in Colorado Insurance Regulation 5-1-13, Section 4.C.D. "Expense Multiplier" means, for the purposes of this regulation, the portion of the rate that includes provisions for expenses, other than loss adjustment expenses, profit and investment income.E. "On-Rate Level Premium" means, for the purposes of this regulation, the premium that would have been generated if the present rates had been in effect during the entire period under consideration.F. "Premium" means, for the purposes of this regulation, the amount of money charged a policyholder for an insurance policy.G. "Prior Approval" means, for the purposes of this regulation, a filing procedure that requires a rate, rule, or loss cost change to be affirmatively approved by the Commissioner prior to distribution, release to producers, collection of premium, advertising, or any other use of the rate, rule, or loss cost.H. "Qualified Actuary" means, for the purposes of this regulation, a person who meets the requirements of Colorado Insurance Regulation 1-1-1.I. "Rate" means, for the purposes of this regulation, the cost of insurance per exposure unit. Rates must include an adjustment to account for expenses, profit, and variations in loss experience, but are prior to any application of individual risk variations based on loss or expense considerations.J. "Rating Manual" means, for the purposes of this regulation, the rates, schedule of rates, rating plans, rating classifications, territories, rating rules, and any other information which the company uses to determine the final dollar charge for insurance coverage.K. "Trend" or "Trending" means, for the purposes of this regulation any procedure for projecting losses to the average date of loss, or of projecting premium or exposures to the average date of writing.38 CR 17, September 10, 2015, effective 10/1/201538 CR 18, September 25, 2015, effective 10/15/201539 CR 01, January 10, 2016, effective 2/1/201639 CR 05, March 10, 2016, effective 4/1/201641 CR 01, January 10, 2018, effective 2/14/201840 CR 21, November 10, 2017, effective 4/1/201841 CR 19, October 10, 2018, effective 11/1/201842 CR 18, September 25, 2019, effective 1/1/202042 CR 23, December 10, 2019, effective 1/1/202044 CR 13, July 10, 2021, effective 6/3/202144 CR 08, April 25, 2021, effective 8/1/202145 CR 03, February 10, 2022, effective 3/2/202245 CR 22, November 25, 2022, effective 12/15/202246 CR 11, June 10, 2023, effective 4/27/2023